newbie: Whom to choose? ICICI, Reliance, sharekhan or anyone else?
- Thread starter katchaPapad
- Start date
I am using BSNL BroadBand DataOne. It has a 2MBPS pipe. I can surf site like yahoo, google, moneycontrol, nseindia, bseindia etc with good speed and can download at around 200 KBytes per second.
Today I checked up again at 10:00 am. To my luck it worked fine.
ICICIDirect brokerage is not little high. It is too high, rather highest of all
Today I checked up again at 10:00 am. To my luck it worked fine.
ICICIDirect brokerage is not little high. It is too high, rather highest of all
Surely ICICI Charges are high. But there are no hidden Charges. Others offer lesser Brokerage and never mention extra Charges, which you will come to know only when you trade. Also Accounting Practices at ICICI are very dependable. You will be surprised to see the extent of manipulation with others!!!
Cheers
PAKatil
Cheers
PAKatil
Hi rrs,
I can tell about Religare, not others.
1. Other Charges - IntraDay - 0.0055% & Cash 0.0135% is charged for all Transactions.
2. When you sell, shares have to be taken out of the Demat A/c. Charges are Rs 6 per Transaction.
I am told that these are legitamate charges approved by SEBI. But are never told at the time of Account opening. ICICI Brokerage includes all these. They are charging, whatever is said in their Website.
3. STT is supposed to be Charged on Sale Transaction in IntraDay. Religare is charging on Average Selling & Buying price. The Diff may be very very tiny amount for each Transaction, surprisingly it totals to substantial amount by the year end. Imagine Religare has few lakh customers and the the free money it is earning.
4. Entries in Account Statements appear erroneously & disappear when they realise error. Right practice to rectify an erroneous entry is to have a balancing opposite entry.
I have enumerated what I have encountered. There may be many more like these. Not just Religare, others also may be doing these things.
Cheers
PAKatil
I can tell about Religare, not others.
1. Other Charges - IntraDay - 0.0055% & Cash 0.0135% is charged for all Transactions.
2. When you sell, shares have to be taken out of the Demat A/c. Charges are Rs 6 per Transaction.
I am told that these are legitamate charges approved by SEBI. But are never told at the time of Account opening. ICICI Brokerage includes all these. They are charging, whatever is said in their Website.
3. STT is supposed to be Charged on Sale Transaction in IntraDay. Religare is charging on Average Selling & Buying price. The Diff may be very very tiny amount for each Transaction, surprisingly it totals to substantial amount by the year end. Imagine Religare has few lakh customers and the the free money it is earning.
4. Entries in Account Statements appear erroneously & disappear when they realise error. Right practice to rectify an erroneous entry is to have a balancing opposite entry.
I have enumerated what I have encountered. There may be many more like these. Not just Religare, others also may be doing these things.
Cheers
PAKatil
Hello everyone,
As you can see from my memberID I am a newbie to investing (as kids while playing, we used to call such players katcha papad, and give them batting twice, hence this nickname
) Not started yet, doing basic research and reading a lot of posts from this forum. I have gained some basic vocabulary inorder to be able to make my first post here.
I will be buying and holding shares, and sell them after some time. I guess my types are called delivery-based investing. My budget is not much. Right now I have around 50-75K to invest. We'll see on the basis of how it goes later. So I am definitely not a heavy trader. I'd also like to have a seamless online trading facility, including IPO and mutual funds. I've read some posts here which go into the nitty-gritty details of some trading terminals etc which I guess applies only to heavy traders dealing in lacs of rupees per day.
Now I am confused as to which demat service I should be choosing. I just spoke to a RelianceMoney representative (well a lukkha guy with no knowledge is more like it), and he was not v.clear with what charges they apply. Nevertheless after speaking to his boss on phone as I understand their charges are as follows:
1) Brokerage charge: 1 paise per transaction (as opposed to .75% of ICICI), irrespective of the transaction amount. Both for Buy & Sell. He said this 1 paise includes all Service Tax, Education cess etc. which generally comes out to 12.36% in ICICI.
2) 0.125% SEBI Security Transaction charges inorder to take delivery of (or hold) the shares. This he said is a SEBI charge common to all and there's no escaping it.
3) Apart from that they have a Rs 500 coupon valid for a year. For the first year they will waive it off for me, but for next year onwards it will be Rs500 per annum for trading account and Rs 50/ p.a. for demat account maintenance.
Please let me know/correct me if my understanding is correct. Are there any other hidden charges? There was another thread somewhere where some ppl were reporting 12Rs charges per stock per month. Which surprisingly the boss I spoke to decline but that is mentioned on their application form?! So I am not too sure if what he was saying is totally true or even he was misinformed. Surely their charges look too less. What is the catch? How can they afford brokerage of 1 paise only?
Now Reliance is the only guy I have spoken to. None of the others (sharekhan, ICICI) have contacted me back after I put in my contact details on their website, even after a week. I am wondering if they are so bad even at this stage, how will I be treated once I sign-up.
Which service should I sign up considering that I need everything online, not too heavy trader and I can tolerate a little bit of delay in their websites. Some basic reliability, customer service with as minimum brokerage/service charges as possible.
I guess I am looking for something which has reputation/reliability of as close to ICICI with lower fees. But you guys can suggest me anything else. From the Begineer pages, I also read this thread but it's v.old from 2004. So I am looking for 2007 info or advice on the same lines.
There was also some confusion as to sharekhan not supportinjg BSE and IPOs. From their website I couldn't make out if that is true.
If I am mainly going to invest only in major stocks, does it matter whether its BSE or NSE? Also even if Reliance's service is a bit bad right now can I consider to sign up (based purely on their lowest charges) and just keep some long-term stocks/MFs in it? Is that a good strategy ? Since I won't be interacting much so their service hiccups won't hurt me much. And one last question: How many days does it take to have demat/online trading account ready so that I could be sure that I'll be able to catch ReliancePower IPO (rumored to be around 10thNov)?
Thanks in advance for all your help. Looking forward to learn and share in this forum and make $ome money
-katchaPapad.
As you can see from my memberID I am a newbie to investing (as kids while playing, we used to call such players katcha papad, and give them batting twice, hence this nickname
) Not started yet, doing basic research and reading a lot of posts from this forum. I have gained some basic vocabulary inorder to be able to make my first post here.I will be buying and holding shares, and sell them after some time. I guess my types are called delivery-based investing. My budget is not much. Right now I have around 50-75K to invest. We'll see on the basis of how it goes later. So I am definitely not a heavy trader. I'd also like to have a seamless online trading facility, including IPO and mutual funds. I've read some posts here which go into the nitty-gritty details of some trading terminals etc which I guess applies only to heavy traders dealing in lacs of rupees per day.
Now I am confused as to which demat service I should be choosing. I just spoke to a RelianceMoney representative (well a lukkha guy with no knowledge is more like it), and he was not v.clear with what charges they apply. Nevertheless after speaking to his boss on phone as I understand their charges are as follows:
1) Brokerage charge: 1 paise per transaction (as opposed to .75% of ICICI), irrespective of the transaction amount. Both for Buy & Sell. He said this 1 paise includes all Service Tax, Education cess etc. which generally comes out to 12.36% in ICICI.
2) 0.125% SEBI Security Transaction charges inorder to take delivery of (or hold) the shares. This he said is a SEBI charge common to all and there's no escaping it.
3) Apart from that they have a Rs 500 coupon valid for a year. For the first year they will waive it off for me, but for next year onwards it will be Rs500 per annum for trading account and Rs 50/ p.a. for demat account maintenance.
Please let me know/correct me if my understanding is correct. Are there any other hidden charges? There was another thread somewhere where some ppl were reporting 12Rs charges per stock per month. Which surprisingly the boss I spoke to decline but that is mentioned on their application form?! So I am not too sure if what he was saying is totally true or even he was misinformed. Surely their charges look too less. What is the catch? How can they afford brokerage of 1 paise only?
Now Reliance is the only guy I have spoken to. None of the others (sharekhan, ICICI) have contacted me back after I put in my contact details on their website, even after a week. I am wondering if they are so bad even at this stage, how will I be treated once I sign-up.
Which service should I sign up considering that I need everything online, not too heavy trader and I can tolerate a little bit of delay in their websites. Some basic reliability, customer service with as minimum brokerage/service charges as possible.
I guess I am looking for something which has reputation/reliability of as close to ICICI with lower fees. But you guys can suggest me anything else. From the Begineer pages, I also read this thread but it's v.old from 2004. So I am looking for 2007 info or advice on the same lines.
There was also some confusion as to sharekhan not supportinjg BSE and IPOs. From their website I couldn't make out if that is true.
If I am mainly going to invest only in major stocks, does it matter whether its BSE or NSE? Also even if Reliance's service is a bit bad right now can I consider to sign up (based purely on their lowest charges) and just keep some long-term stocks/MFs in it? Is that a good strategy ? Since I won't be interacting much so their service hiccups won't hurt me much. And one last question: How many days does it take to have demat/online trading account ready so that I could be sure that I'll be able to catch ReliancePower IPO (rumored to be around 10thNov)?
Thanks in advance for all your help. Looking forward to learn and share in this forum and make $ome money
-katchaPapad.
Reliance Money is a financial distribution house. It deals in a lot of products like equity,mutual funds, IPO, personal finance and off-shore investments.
Their brokerage is 1 paisa per trade i.e; it remains same irrespective of quantity and price. Regarding your query of Rs.12, I wish to inform you that CDSL DP charges are charged at Rs 12 per ISIN for the shares which are sold from their GDP. In case, you need any more clarifications, you can call Reliance Money at at 022-39886000 or write to them at [email protected] .
I am being offered an scheme by my sharekhan agent (I already have a fast trade account with Skhan )
The details are as follows...
Rs 6000 Advance against which the borkerage will be deducted monthly.
Delivery .25% (BUY) + .25 %(SELL)
Intra Day .05% (BUY) + 0 (SELL)
Plus they will give me there speed trade software which has all the info you need.. e.g. charts, streaming quotes for unlimited number of scrips with almost 0 time delay.
Seems pretty decent for an annaul turnover of 1 crore for intraday the brokerage will come out to be 10k which is approximately 4 times what is being offerd by Reliance Mmoney (though for 6 Crore, but I will be in the 1 Crore Range).
Given the pathetic and horrible service and bugs in Reliance Money and no Short deliveries, i guess Skhan is much better a deal..
I never faced a short delivery in Sharekhan.
I do not want to pay for unplanned losses in RM, and ready to pay planned borkerage in Sharekhan.
Second thing if reliance is so cheap and so popular than you should not go for it.. because the bus will be overloaded during peak hours..
A cheap borkerage can create problems, because of low infrastructure provided by RM and millions of people logged on the server..
Last Sharekhan call centre is ok. You have to wait for around 3 mins for some complaint but the answers are always satisfactory and never faced any kind of ignorance on the part of staff.
Second my broker and his manager always assist me personally in case there is something I do not know or I am worried about..
All the best..
Low borkerages are not the key to money..
Speed, good service and a worry free mind is.
Ashok Gupta
The details are as follows...
Rs 6000 Advance against which the borkerage will be deducted monthly.
Delivery .25% (BUY) + .25 %(SELL)
Intra Day .05% (BUY) + 0 (SELL)
Plus they will give me there speed trade software which has all the info you need.. e.g. charts, streaming quotes for unlimited number of scrips with almost 0 time delay.
Seems pretty decent for an annaul turnover of 1 crore for intraday the brokerage will come out to be 10k which is approximately 4 times what is being offerd by Reliance Mmoney (though for 6 Crore, but I will be in the 1 Crore Range).
Given the pathetic and horrible service and bugs in Reliance Money and no Short deliveries, i guess Skhan is much better a deal..
I never faced a short delivery in Sharekhan.
I do not want to pay for unplanned losses in RM, and ready to pay planned borkerage in Sharekhan.
Second thing if reliance is so cheap and so popular than you should not go for it.. because the bus will be overloaded during peak hours..
A cheap borkerage can create problems, because of low infrastructure provided by RM and millions of people logged on the server..
Last Sharekhan call centre is ok. You have to wait for around 3 mins for some complaint but the answers are always satisfactory and never faced any kind of ignorance on the part of staff.
Second my broker and his manager always assist me personally in case there is something I do not know or I am worried about..
All the best..
Low borkerages are not the key to money..
Speed, good service and a worry free mind is.
Ashok Gupta
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